Oil prices gain over 2% in New York close

7 years ago

NEW YORK (Reuters) – On Monday the price of oil ended up on an increase of over 2% in New York, a macro-economic indicator with better than expected U.S. reassured investors on the economic health of the United States.

On the Nymex, the contract on October U.S. crude (WTI) finished with a gain of $ 1.90, or 2.23% to 87.27 dollars a barrel. Meanwhile, Brent advanced to 0.44%, or $ 0.49, to 111.85 dollars.

Consumer spending of U.S. households rose 0.8% in July while economists surveyed expected an average spending growth of 0.5%.

Black gold has also benefited from the good performance of major stock exchanges worldwide, because of Hurricane Irene has done less damage than expected in the United States and the decline of the dollar.